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2Q 2008 Quarterly report

“The second quarter featured considerable volatility in both equity markets and parts of fixed income markets,” says Yngve Slyngstad, Executive Director of Norges Bank Investment Management, NBIM. “The crisis in the financial system continued, with international financial institutions reporting heavy losses. Lower growth and accelerating inflation led to lower corporate earnings expectations.”

The results in brief

  • Weaker growth and accelerating inflation – troubled waters for financial investors
  • Liquidity and credit crisis not yet over
  • Allocation to equities above 50 per cent for first time
  • Average ownership interest in European companies exceeds 1 per cent
  • NBIM’s management generates excess return of 0.24 percentage point

Webcast from the press conference